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It's Official - Disclosures Must be Uploaded to Listings, Otherwise a $25.00 Fine Will be Assessed. Last week, Realcomp's Policy Handbook was updated and published to include new and revised MLS policies, which are NOW IN FULL EFFECT.
Included in the new Policy Handbook were a total of 10 new or revised policies, which you need to know. Over the next few weeks, we will flesh out each one so you know what to expect regarding its implementation. This week we highlight the requirement for MLS Subscribers to upload disclosures to the MLS system, to make these documents available to all MLS Subscribers via online, timely, and convenient means.
The related policy (which appears under "Listing Policies and Procedures / Disclosures (section AF)" on page 9 of the Policy Handbook (in the PDF document) now reads as follows:
All required disclosures and addendums must be uploaded to listings on the MLS at the time of submission unless the seller directs otherwise in writing. A fine of $25 per listing will be applied for failure to upload documents within 10 days. If there are no documents or the seller refused to allow the documents to be uploaded, then a letter or disclosure stating the property is exempt must be uploaded instead. This automated fine would apply to residential, condo, and multi-family properties with 4 or fewer units (Revised 2013).
Although the requirement to upload disclosures to listings in the MLS system was approved by the Realcomp Board of Governors approximately two (2) years ago, the 10-day timeframe and a $25.00 fine for non-compliance were not originally enacted.
This policy applies to Residential, Condominium, and Multi-Family properties with 4 or fewer units. If there are no disclosures for your listing, or your seller refuses to allow them to be uploaded to the MLS, a letter or disclosure stating that the property is exempt must be uploaded to the listing instead.
Realcomp will begin checking all applicable listings for MLS policy compliance. Any listings found to be missing online disclosures will have a $25.00 fine assessed to them. If you have any questions about this policy, please contact Realcomp's Customer Care Department.
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